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Jonathan Herbst is a corporate lawyer based in London. He focuses on UK and EU financial services law and regulation.

Jonathan provides advice relating to hedge and other funds, investment management and custody and the regulatory aspects of acquisitions and disposals. He also has experience of advising on contractual and regulatory structures for hedge and other funds, limited partnerships, investment managers, automated trading systems and other financial services businesses.

Jonathan is mentioned in Chambers and Partners UK 2010 for his “good mix of lawyering and practical skills, combined with a sound understanding and close relations with the FSA”. Legal 500 UK 2013 refer to Jonathan as ‘outstanding’ and ‘dynamic’.

Jonathan is the co-author of the e-commerce volume of the Butterworths Financial Regulation Service, has written articles on market abuse and other regulatory issues for the Journal of International Financial Markets and is a frequent speaker at financial services conferences.

Jonathan studied politics, philosophy and economics at the University of Oxford. He qualified as a barrister in England and Wales in 1992. Jonathan joined the London practice as a partner in the financial services group in October 2002 and was previously head of European law at the Financial Services Authority.

International banks can operate in the United Kingdom (UK) either as subsidiaries or branches . Data from the Prudential Regulation Authority (PRA) currently shows that there are 160 branches of international banks operating in the UK, of which 77 are from European Economic Area (EEA) banks operating under passporting arrangements..

This year the buy-side regulatory headlines have been dominated by the EU’s Markets in Financial Instruments Directive II, Brexit and the Financial Conduct Authority’s (FCA) asset management market study. As 2018 approaches, there is another significant regulatory development on the horizon that asset managers would be ill advised to ignore. This is the EU Benchmarks Regulation..

A new report has found that the patchwork nature of regulatory equivalence provisions means that, for the UK financial services industry, the current European model of equivalence will not provide a solution which will replace the benefits of passporting in their entirety..